Banner
您现在的位置: shufe >> 首页 >> 学术天地 >> 活动预告 >> 正文

活动预告
普通文章No.332 Non-performing Loans in Housing Bubbles
普通文章No.331 Senior Lender Control Rights and Cost of Debt
普通文章No.330 Spillover Effects in Executive Compensation
普通文章No.329 Dynamic Coordination and Intervention Policy
普通文章No.328 What Moves Aggregate Investment (and Net Hiring): Investor Sentiment or Time-Varying Equity Premium?
普通文章No.327 Corruption Culture and Corporate Misconduct
普通文章人民币汇率形成机制改革的回顾与展望
友情链接
上海国际金融中心研究院
现代金融研究中心
小企业融资研究中心
金融科学实验中心

2012年金融学院博士生论坛(八)
发布时间:2012-4-24 来源:本站原创  


          
     本周博士论坛安排

【时间】2012年4月27日12:00--13:30(周五)

【主讲人】李向阳

【地点】金融学院毓秀楼208会议室

Title: Quantity versus Price rule: A New Keynesian Perspective On Chinese Monetary Policy

Abstract
  We develop a small-scale dynamic stochastic general equilibrium(DSGE) model with sticky wage and sticky price to evaluate the two monetary policy rules: the extended Macullum rule(quantity rule) and the extended Taylor rule(price rule) for China. The model incorporates various other features such as habit formation, costs of adjustment of investment, variable capital utilization and partial indexation. We also introduce various structural shocks into the model including “demand” shocks, “supply” shocks “cost-push” shocks and monetary policy shocks. We estimate the DSGE model with Bayesian techniques for quantity rule and price rule separately using six key macroeconomic variables each: GDP, Consumption, Investment, Wage, CPI and M2(for quantity rule) and Interest rate(for price rule). The empirical results seems to indicate that the combination of price and quantity instrument is more effective than only one instrument is used. The findings are consistent with the PBoC's efforts of liberalizing interest rate and making an active and frequent use of a combination of both price and quantity instrument especially in recent years. Furthermore, we found considerable price and wage stickiness in the economy which well fit the facts we observed.
 

  • 上一篇文章:

  • 下一篇文章:


  • 版权所有 上海财经大学金融学院
    通讯地址: 上海市国定路777号;  办公地址:上海市武东路100号毓秀楼

     邮编:200433           电话 021-65904556             传真:021-65103925